Vice President, Member Solutions & Loss Mitigation

Vice President, Member Solutions & Loss Mitigation

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees.

The Vice President, Member Solutions & Loss Mitigation is responsible for leading the successful loss mitigation activities conducted in the Member Solutions Department. This includes ensuring delivery of an optimal experience for members and vendors interacting with the credit union via phone, email, chat, sms/txt, mail, or any other related interaction. Coordination with other internal departments to ensure optimal solutions via related channels for other interactions to include consumer, mortgage and business lending, collections, loss mitigation, loan servicing & administration, insurance, payments, fraud, etc. This role requires a unique combination of skills to include the ability to provide leadership and coaching, both directly and indirectly, to a large group of personnel (100+ employees) along with the technical and operational understanding to lead process improvement for both employees and members necessary to provide the most efficient and effective solutions. The Vice President, Member Solutions & Loss Mitigation must understand how Artificial Intelligence (AI), machine-learning, advanced data analytics, and Robotics Process Automation (RPA) can maximize efficiency, service, and lead to optimal member and vendor experiences. Ultimately, these tools must be considered as part of building both a short and long-term strategic plan, in partnership with IT and other internal departments, to ensure progress is made toward the desired end state in line with VyStar's goals and objectives.

Through team management, the incumbent must ensure the department meets VyStar's strategic and financial goals. Key areas of responsibility include the following:

• Handling of all loss mitigation activities for consumer & real estate portfolios
• Identification and analysis of negative performance trends
• Coordination and communication with the suite of Senior Vice Presidents across the credit union and the Chief Lending Officer regarding credit quality issues
• Proactive implementation of measures to reduce or control losses
• Professional interaction with members
• Ensure that the overall operations of the Member Solutions Department meet federal and state regulations, such as but not limited to o Unfair, Deceptive, Abusive Acts and Practices (UDAAP), o Regulation B & Regulation Z o Fair Debt Collection Practices Act (FDCPA) o Florida Consumer Collection Practices Act (FCCPA) and o Consumer Financial Protection Bureau o HAMP, FHA, VA, USDA and GSE program modification guidelines o VyStar policies
• Ensure the collection of accounts through the pre and post charge off lifecycle are handled appropriately
• Ensure accuracy and timeliness of all reporting, to include, but not limited to o ALCO, Policy Committee, and Board reporting o all year-end tax reporting
• Mergers and acquisitions o Oversee VyStar's interests as they pertain to future mergers and acquisitions specific to the member solutions, claims, and recovery related technology integration, and prospective merger portfolio analysis. Collaborate across multiple business sects to ensure a smooth and seamless member experience both internally and externally as project lead for the Lending areas. Leverage subject matter expertise, knowledge of internal processes, and system limitations to progress merger projects expeditiously and provide executives within the organization with progress updates at key points in the acquisition process to ensure all merger related project deadlines are met.

Essential Functions

The Vice President, Member Solutions & Loss Mitigation is expected to perform the following duties:

• Lead, coach, develop, and motivate staff to provide an outstanding member experience consistent with VyStar Excellence behavior
• Proactively identify potential issues that could cause loss to VyStar; recommend and implement solutions
• Understand how Artificial Intelligence (AI), machine learning and Robotics Process Automation (RPA) can improve member solutions operations and work with IT, Data Analytics and other internal departments to define required business outcomes.
• Serve as administrator of systems and newly-acquired technologies
• Minimize roll rates and financial losses while optimizing performance through insurance and claims servicing and processing
• Identify areas of opportunity and implement solutions to improve performance
• Design and implement procedures and processes to achieve corporate goals and enhance overall departmental effectiveness
• Successfully handle multiple projects and tasks simultaneously
• Ensure all TDR (troubled debt restructure) reporting is handled timely and correctly in accordance with 5300 call report instructions and standards
• Identify and analyze significant delinquency, charge-off, credit quality and other loss-related trends
• Continuously monitor and assess foreclosure, short sale, repossession, and disposition of collateral to ensure the most cost-effective processes and methods are used
• Continuously monitor and assess the handling of bankruptcy filings that impact VyStar
• Continuously monitor and assess loan modification activities for consumer and real estate portfolios to include due date changes, forbearance, deferments, workout loans, and skip-a-pay strategies
• Continuously monitor and assess general ledger reconciliation, payment posting, and processing of ancillary product refunds to include insurance and claims processing for collateral protection insurance, Gap, Extended Warranties, Skip claims, repo with damages claims, etc.
• Ensure all 1099 forms are correct and sent timely in accordance with IRS tax reporting requirements
• Ensure department meets internal and external service levels for over one million (1M+) calls/contacts annually – inbound & outbound combined
• Manage collection vendor relationships, which includes but is not limited to:
  • Obtaining current financial information at least annually,
  • Reviewing performance at least annually, and
  • Proactively developing or redefining existing relationships as needed, and
  • Conducting semi-annual site visits
• Propose budget and business plan items
• Monitor for quality and compliance
• Handle and act as primary point of contact for legal actions related to collections and loss mitigation operations
• Measure departmental performance with established metrics and take appropriate action to ensure metrics are met or exceeded
• Develop and communicate an overall collections/loss mitigation/claims/recovery strategy, including related workout programs, settlements, policies, and controls
• Direct oversight of external collection agencies and practices for recovery efforts on all portfolios to include Consumer, Real Estate (Mortgage, Business/Commercial), and restitution agreements ordered by the various court systems and districts
• Prepare files and court documents for accounts taken to Small Claims Court and attends Small Claims Court on scheduled court dates obtaining judgments or stipulation agreements
• Manage collections/loss mitigation/claims/recovery strategy implementation and processes throughout a business workflow that includes external agencies, servicers, compliance, and credit risk functions
• Review delinquent and charged-off accounts and provide feedback to credit risk and operations on trends seen and on potential gaps in lending strategies

All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance.

Job Qualifications

Education & Experience

• Either a bachelor's degree or 8+ years of equitable experience is required
• A minimum of eight years of successful prior management experience, with at least four years in a collection management or loss mitigation environment

Knowledge, Skills, and Abilities

• Strong verbal and written communication skills
• Expert knowledge of collection techniques, loss mitigation, credit scoring, basic lending principles, and applicable laws
• Strong analytical, problem solving and member service skills
• Strong leadership skills to motivate, counsel, coach and direct the work of others
• Advanced knowledge of automated collection systems
• Proficient with Microsoft Office (Outlook, Word, PowerPoint Excel)
• Ability to organize and interpret data
• Knowledge of collections systems is preferred

Disclaimers and Work Environment

Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions.